Spring Budget 2024 report
What the latest fiscal measures may mean for you.
As ever the Spring Budget 2024 publications contained a wide range of detailed proposals and much to digest.
The Chancellor delivered both tax cuts and, to a lesser extent, tax rises. The headline 2024/25 tax cut was another two percentage point reduction, after a 2% NI cut in January 2024, in the main rates of NICs for employees and the self-employed with an initial cost of £10 billion. At only about 5% of that outlay, the easing of the thresholds for the HICBC was a welcome and surprise reform.
Our Spring Budget 2024 report covers the tax rises included the abolition of non-domicile taxation from April 2025 and, from the same date, the end of the furnished holiday lets regime. Together, these are projected to yield a little under £3 billion by 2028/29.
Our Spring Budget 2024 report highlights the key aspects likely to affect you. If you have any questions about what you should do next, please get in touch.